The timing of the news is notable, coming as it does a day after its top executive made a high-profile visit to the White House to support President Donald Trump's tax plan and announce its relocation to the US. Broadcom CEO Hock Tan joined Trump in the White House on Thursday, lauding the White House's efforts to make the US more business-friendly.

"Thanks to you, Mr. President, business conditions have steadily improved. The proposed tax-reform package will level the global playing field and allow us to compete effectively in worldwide markets," Tan said during his address.

The timing of those warm words, when the company might be looking at an industry changing deal, could be coincidental. Still, any deal for Qualcomm is likely to have political ramifications.

First, the potential marriage of industry rivals — Broadcom is the fourth-largest chip maker in the world while Qualcomm is the sixth largest — could come under antitrust scrutiny from regulators. The US Department of Justice just this week made overtures to block AT&T's $85 billion bid for Time Warner, for example, while European regulators are looking in to Qualcomm's proposed $47 billion deal for NXP Semiconductors.